Colonial's Earnings Higher

April 23, 1993|The Morning Call

First Colonial Group Inc. reported a 39.7 percent increase in earnings for the first quarter.

The parent company of Nazareth National Bank and Trust Co. made $552,000, 52 cents per share, for the three months ended March 31, compared to $395,000, 37 cents per share, for the same period last year.

S. Eric Beattie, president and chief executive officer of First Colonial, called the report "true earnings" because it did not include any gains from accounting changes made by many other institutions this year.

Beattie attributed the company's performance to favorable interest rate and growth of the bank through marketing and sales efforts.